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Euro Tumbles as ECB Slashes Interest Rates

Euro Tumbles as ECB Slashes Interest Rates

The euro slumped on Thursday to a 13-month low point against the dollar after the European Central Bank unexpectedly cut its key interest rate to a record low of 0.05 percent.

At about 1145 GMT, the single currency dived to $1.3037 — the lowest level since mid-July 2013 — after the ECB cut its key rate from the previous level of 0.15 percent. The euro had stood at $1.3142 at 1045 GMT.

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